The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
Across 10 prominent services, revenue to the government reduced by 20 per cent in the first year of GST compared to the last year of the service tax regime. This happened despite tax liability against these services growing by 50 per cent in one year.
The price of non-subsidised cooking gas (LPG) was on cut by Rs 21 per cylinder and that of jet fuel (ATF) by a steep 3 per cent on the back of falling international oil rates.
The government's focus on road, rail and power development will indirectly benefit the FMCG industry in the long run.
Britain is due to leave the European Union by October 31, with Johnson racing against time to strike a deal to meet that deadline.
Tobacco will be subjected to the highest tax slab of 28 per cent and an additional cess. The current rates of taxation on cigarettes and chewing tobacco are about 64 per cent and 81 per cent, respectively.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
Jaitley said the government has created transparent environment.
According to various senior UB Group officials, the strategy of 14 power brands' focus is expected to be rolled out soon.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
The government on Wednesday said it would phase out Central Sales Tax by April 2007, a move that may lead Bharatiya Janata Party-ruled states to reconsider their decision of not implementing value-added tax.
ICICI Infotech outsmarted Tata Consultancy Services and Wipro to get the mandate from states for setting up a national tax information exchange system (Tinxsys) to track inter-state transactions and check tax evasion.
ATF or jet fuel price has been cut marginally while rate of non-subsidised cooking gas LPG has been hiked by Rs 27.50 a cylinder.
The sops being given to the IT firms in metro cities should be extended to companies in tier 2 and 3 cities as it will generate greater employment opportunities and boost growth, industry body Nasscom has said.
The hikes, effective from midnight tonight, are excluding state sales tax or VAT and actual increase will be higher and will vary from city to city
Riding on Samson's record-breaking unbeaten 212 off just 129 balls, Kerala posted a mammoth 377/3 on the board and restricted Goa to 153/3 after play was called off due to inclement weather.
The 12th Finance Commission on Monday held a meeting with leading economists and economic administrators in Chennai to elicit their views on current issues concerning inter-governmental resource transfers.\n\n\n\n
According to DBS, GST has growth, inflation and fiscal implications.
Honeypreet stood in the courtroom with folded hands and pleaded innocence with tears in her eyes.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Ruling out the implementation of value-added tax from June 1, Finance Minister Jaswant Singh on Wednesday announced several excise duty concessions on edible oil and textiles.
They say it will have severe impact on their financial strength
The Bill was introduced in the Lok Sabha in December.
